Other Participants S1 2020 Earnings Call · previously, but it's just the amount of time it's going...

Company Name: William Hill PLCCompany Ticker: WMH LN EquityDate: 2020-08-05

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Louise Turner-Smith, Director Investor Relations

Matthew Ashley, Chief Financial Officer

Ulrik Bengtsson, Chief Executive Officer

Unidentified Speaker

Bridie Barrett, Analyst

Christine Zhou, Analyst

Ed Young, Analyst

James Rowland-Clark, Analyst

Joe Thomas, Analyst

Kiranjot Grewal, Analyst

Michael Mitchell, Analyst

Monique Pollard, Analyst

Richard Stuber, Analyst

Simon Davies, Analyst

Unidentified Participant

Operator

Louise Turner-Smith {BIO 21207451 <GO>}

Ulrik Bengtsson {BIO 16169125 <GO>}

S1 2020 Earnings Call

Company Participants

Other Participants

Presentation

Ladies and gentlemen, welcome to the William Hill Interim Results Call. My name is[ph]Tharase and I am the operator for today's call. During this call, you'll have anopportunity to ask questions. (Operator Instructions) Every individual have a limit of twoquestions only in this call. Saying that, I will now hand you over to your host to begin with.Louise, you may begin.

Thank you very much and good morning everybody. Thank you for joining us today.We're using a new format to deliver our half year results, and you will have now seen ourvideo where we discussed the highlight for the first half of 2020. So this morning, we'regoing to focus on Q&A. Ulrik, over to you.

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https://blinks.bloomberg.com/screens/BIO%2021207451















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Operator

Q - James Rowland-Clark

Thank you, Luis, and good morning everyone. It's very clear that being digitally led andinternational diverse is key to resilience. Companies with strong digital capabilities like ushave recovered faster and emerged stronger from the COVID crisis. Before we open thelines for questions, I just want to reiterate how pleased we are with how we traded duringthe first half. We performed very well before the pandemic, we controlled costs duringthe lockdown and we recovered quickly after the lockdown. We generated profit beforeand after exceptionals. We're generating cash and we have strengthened our balancesheet.

As a reflection of how well we have managed the business and how quickly it hasrecovered, we decided to repay the furlough and we think that is the right thing to do. Butit's also important to recognize that it's not just what we have delivered, it's very muchalso how we have delivered it. We've been focusing on our customers. We've beenkeeping developing our product and put more product into the market and we increasedour player safety measures to make sure customers keep control and are safe in thesevery difficult times. We put out more than 1.2 million player safety messages in the period.

We carried on developing our platform and we use this time to accelerate our technologydelivery and product development across our businesses. Also, we're delighted with theexcellent progress we have made in the U.S., we are now moving out from the buildingfoundation stage and well into execution. We've gone live just in the last few weeks inthree new states, Illinois, DC and Colorado. We deployed a new retail platform in WestVirginia and I-gaming as we've talked about on these calls, a number of times. We'll golive imminently in New Jersey. Also, and you might have seen this, CBS partnership isbeing used as we speak by our U.S. colleagues to acquire customers more efficiently.We're using the broadcasting assets, the digital traffic and assets and the fantasydatabase, which is one of the largest in the U.S. like I said to acquire customers asefficiently as possible.

Finally, I want to recognize the work of our teams. I'm immensely proud of how they haveresponded and reacted in these difficult times and by no other comparison, these areobviously for all of us, the most difficult circumstances we have experienced in ourprofessional lives.

So with that, I'm happy to hand over to questions. Thank you.

Questions And Answers

(Operator Instructions) Currently, we have one question from James Rowland-Clark fromBarclays. Please go ahead.

Hi, good morning. So, two questions on the U.S. please. After the Eldorado-Caesars dealcompletion, how long do you think it will take for you to incorporate the Caesars sportsbooks and the second part of that would be, how does that look financially in terms of

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A - Ulrik Bengtsson {BIO 16169125 <GO>}

A - Matthew Ashley {BIO 18911789 <GO>}

Q - James Rowland-Clark

Operator

Q - Ed Young {BIO 19792496 <GO>}

measuring the value of those sports assets you're bringing under the operations of yourU.S. subsidiary? And then a second question on iGaming, you're going to launch in NewJersey any moment. Do you have a good expectation of the kind of market share youthink you could take by the end of the year within New Jersey in iGaming. Thank you.

So if I start with the Caesars-Eldorado, I mean I mentioned this many times on these callsthat we are in preparation and we have been in preparatory mode for this and I think as ofyesterday we went live with Paris. We tried to get link over the line today and hopefully toCaesars Palace itself later on this week. So the three first properties are basically alreadyup and running and then we will continue according to a quiet structure rollout schedulefor that.

So, it's moving quickly at pace. On the New Jersey iGaming, we're not going to make anypredictions or guidance on gaming for the rest of this year. There is a lot of -- still a lot ofuncertainty, clearly in the U.S., but over time what we have said is that gaming clearly hasthe potential to double our market share in New Jersey because we are not planning inthe gaming segment and it's about the same size the Sportsbook, so that's clearly theambition. And for the second question I think I hand over to--

So in terms of the financial, how that's going to look? I think previously we talked aboutcontribution of 30 million, and that's looking good. I think the issue is probably hard forus to judge, not just in this case, but generally is U.S. retail football and just generally howthat's behaving. So I think we're comfortable with the altitude that we promisedpreviously, but it's just the amount of time it's going to take to get there.

I think as Ulrik says, we will be operational in those locations pretty quickly. It's sort ofweeks and months, it's not particularly long period, particularly as the guys have done somuch prep, but in terms of that recovery, we just have to see how the U.S. shapes up.

Great, thank you.

We have another question from Ed Young from Morgan Stanley. Please go ahead.

Hi, good morning. Two from me as well please also, both on the U.S. So the first one is,the CBS agreement clearly very exciting. Wanted to see what you have to give a bit moredetail around early signs of what you're seeing and perhaps put some numbers around allthe customers you think you are able to access in various forms through the mediaintegration, the database, et cetera. So some sort of color on that would be useful.

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Operator


And the second one was on brands. I'm hoping now that Eldorado Caesars is closed. Ifyou could expand on sort of your thinking there a little bit. So, are you going to continuewith Caesars on the sports side, it looks from the over rounds like you've already from arisk and trading point of view, brought those pretty closely aligned, but how do you viewsort of the relative marketing efficiency of effectively running with multiple brands and willreceive as media deals with the likes of ESPN, et cetera. Will they be turned towardspromoting -- would you handle they stay on Caesars.

So sort of -- how you see the path ahead for the brand -- to handle brands in U.S. could bevery useful.

Yeah. So let's start with the CBS deal. Clearly CBS is one of the big, well second biggestsports asset in the U.S., following ESPN and the footprint reach that CBS have across thecountry is enormous, and I'm sure you can find all kinds of figures on viewing et ceteraquite easily. The agreements allow us to be the exclusive gambling provider to CBS andpartner to CBS, both when it comes to broadcasting all of their online assets as well asuse of the fantasy database, which is one of the oldest and first fantasy data bases thatwas present in the U.S. and also one of the largest. So clearly it's about us mixing theseassets in the best possible way and if you check CBS Sports Center or highlight reelsonline now, you will see that William Hill order feeds are tightly integrated both in thebroadcasting feeds and in the online feeds. The voice hovering commentary refers to ourfriends at William Hill and the orders we offer on various markets. And there is a tie fromthe fantasy follow up that they do into the real money gaming. So it's very deep and tightand comprehensive integration across all channels.

Clearly, this will enable us to acquire customers more efficiently, but also leads you --

(Technical Difficulty)

Hello and welcome to today's conference. Very sorry to pull you out of today's call, justrunning to take a couple of details. Could I take your name please?


Hello, caller can you hear me?


-- the agreement, the operating -- the physical book, but we also sort of run the Caesarssports brand and we see, it's quite beneficial to run multi-brand, we used to run multi-brand in Europe and it works very well in the territories we run, Mr. Green and William

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Q - Ed Young {BIO 19792496 <GO>}

Operator

Q - Monique Pollard {BIO 18784505 <GO>}


Hill. Sometimes Mr. Green is the lead brand, and other places William Hill is the leadbrand and vice versa. And will be the same thing here. Many territories where Caesarssports will be our lead brand for a number of reasons. And in other territories, William Hillwill be the lead brand and we will dual play that and that's going to work very, very well.

Okay, thank you.

We have another question from Monique Pollard from Citi. Please go ahead, your line isnow open.

Hi, morning, everyone. Two questions from me please. The first one also on the U.S., UlrikI was hoping you could comment a bit on how U.S. trading has been over the past coupleof weeks, since we've seen more sports return to that market? And have we seen ameaningful improvement in the last two weeks of June and then the second question isjust around the online performance. So very strong online performance in the last twoweeks of June. Just wanted to understand your thoughts, for us to weather the plus 16with something that was sustainable going forward, or how much that had benefited fromstrong gaming that now won't recur as sports normalized.

Yeah. Let's start with the U.S. The key drive, I mean, as you all know, and we've talkedabout that many times, our U.S. business is primarily mobile business and we have a verystrong mobile offering in the U.S. and clearly, the COVID effects primarily relates to retail.Having U.S. sports returning, have made miracles for our mobile business and we haveseen a very strong return of trading in the last week since the basketball returned andsince then of course -- since the baseball return and since then of course we have thebasketball and ice hockey coming in.

So very reassuring and robust recovery of the mobile business in the U.S. As for onlineUK, yes, you're right. Strong numbers, we are very pleased with the development of ourUK online business. I don't think we've posted numbers of this strength in a long, long,long time, but we have more work to do. We are in no illusion that we are finished. Thereis plenty more product to be launched, plenty of more improvements to be launched andwe believe that the merger of UK -- online UK retail will also be beneficial to the overallbusiness.

Clearly in that number, the plus 16%, it's very much driven also by our internationalbusiness that has performed incredibly strong throughout COVID and it's also driven byvery beneficial margins in the UK which of course, over time normalized, but it is hard tomake predictions right now because sporting schedule is not resembling anything weused to.

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Operator

Q - Michael Mitchell {BIO 18976319 <GO>}


So, it's early to make predictions on how the numbers will play out in the second half yet,but we are encouraged by the trading, it looks strong. We are happy with what we havedeployed and we look forward to the second half.

And could I just follow up on the U.S., then also you said really strong returns in sportscame back, in basketball and hockey. Are you now seeing growth back then in the U.S.business?

Let us -- (inaudible)

Yeah, so there's two things going on this, the mobile piece and there is, the retail piece.We're not seeing growth in the Retail piece, obviously, in -- for COVID and the footfall islower, that's well documented and understood. In terms of mobile, we are. But we haveto, if we look at year-on-year, but of course, we've got a slightly different sports in Canada,but it's very early. I mean to the end-of-week 30, we only have four days of baseball, butso extrapolating that at your peril. But it was incredibly strong and strong enough. Sooverall, we saw a net growth. But whether it's just a release of attention or whether we aregoing to see that sustainable is too early to say but at the moment it couldn't be goingbetter. So let's see how that plays out and if it stays like that we will certainly be letting youknow.

Wonderful. Thank you.

We have another question from Michael Mitchell from Davy. Please go ahead, your line isnow open.

Yes, good morning gentlemen. Thanks for taking my call. One of my question I have two ifI could. Firstly, and I hope you could talk a little bit more about the potential revenuesynergies of bringing your UK online and retail businesses together and as part of thatperhaps you could remind us at the extent to which UK retail is already an importantcustomer acquisition funnel for your UK online business and then secondly again foronline and could you help us with the roadmap for further international market launchesfrom Mr. Green following on from Spain? Thank you.

Yeah, so on the, I think you're spot on in the fact that we primarily see this as the revenuepotential. We think our stores can do more than they do today and on your second half of

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Q - Michael Mitchell {BIO 18976319 <GO>}

Operator

Q - Kiranjot Grewal {BIO 19179281 <GO>}


that first question, how much it contributes today. I think it's fair to say that we haven'tdone everything we could have done to drive retail customers online, this facilitates that ispart of a broader strategy to sort of use our retail estate in a more comprehensive way,which I think is very exciting. And in terms of the international road map like as you pointout, we launched. Mr. Green in Spain that team have many plans on how to expand ourinternational business further. But I think I stay away from giving you specific countries atthis point in time as it's still moving and we're very much also hands of regulators aroundthe world, but we will keep you posted on that.

Thank you.

We have another question from Kiranjot Grewal from Bank of America. Please go ahead.

Hi, just firstly, could you maybe update us on your positioning in the U.S. in terms of yourtechnology. And then secondly, could you maybe give us a little bit more color on theretail exposure in the U.S. and from what we're hearing is that Nevada is obviouslysuffering from really weak footfall given the reliance on large groups and conferences.Have you got in mind how this business could recover or are there any more ways wecould see cost management. If this continues in H2? Thank you.

So if I deal specifically with the Nevada point you're right about the footfall -- a lot of ourdebt. A lot of our retail locations are off the strip, so they're actually doing okay. So nowthat sport is back, the reductions are how -- give some context are relatively modest andnow that we've got the sport that back. And at the moment. What we're saying the veryearliest trends. And again, we've got to be careful extrapolating it that the growth inmobile is more than offsetting the shortage in the retail, so I don't think we need tooverplay that but certainly what we're not going to see is the kind of the growth that we'vehad in Nevada, retail, I mean just talking to the guys yesterday, we're just not seeing thebig conventions being booked, we're not seeing the air traffic being booked but --actually that isn't our core market in the Nevada. It tends to be of the strip and it's morethat the ecosystem that exists around it.

So I mean the more interesting thing I suppose is the fact that we've got the retailopening in new states and that's giving us growth. We just opened in Washington DC, wewere at the stadium we've got great revenue take-up on the first day I think we weretalking like $100,000 over the first weekend in a new location.Terrific stuff. So I think I'll letUlrik develop with the tech. But in terms of the retail it's in pockets. We're seeing theadvantage of diversification each day is different, as you guys will know it's not a countryin the way that we think about it, look at it, market it and so when we do, we have a localapproach which we think is really benefiting us. And then when you overlay that thegrowth that we're seeing coming through in mobile as we are getting. The country isbecoming more and more educated as to, because of the broadcasting interest and the

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Q - Kiranjot Grewal {BIO 19179281 <GO>}

Operator

Q - Simon Davies {BIO 2558269 <GO>}


online presence of it, the links and CBS et cetera. We're beginning to see that deliver aswell, which is pretty exciting.

Yeah. And on the tech. I mean you have seen some of the plans we had for tech for thesecond half, which was deploying our integrated retail technology and we've done that inWest Virginia, we went live in West Virginia, a couple of wrinkles to iron out but that worksreally, really well. We also talked about the CBS integration and I spoke to that that'sbroadly completed and it's a very deep and comprehensive integration. We talked aboutiGaming to launch that in New Jersey, like I said also that's imminent. And then we havethe state rollouts and our ability to do that in a quick way and just in the last two weeks.We launched, Colorado, Illinois in DC. So we were very, very pleased with how our techteam and technology team in New Jersey are performing and how quickly they aredeploying product and how good their velocity is. There is, again, I mean it's going to bevery, very clear on, there is a lot of work to be done, but it's still early days in this market.And I think we're performing as well as we could ever have hoped and this at this point intime.

Thank you. That's really helpful.

We have another question from Simon Davies from Deutsche Bank. Please go ahead, yourline is now open.

Yes, good morning. Just three from me please, firstly, just quickly, what are you seeing interms of full run rate in UK retail since you have reopened. And secondly just on thestates. Can you map out likely your expectations in terms of your launch into new statesover the next six to 12 months and has there been any change in your view in terms of theaddressable market in the US. And finally just on the Caesars relationship. Is there anyscope for you to get access to the Caesars marketing database and work with that?

Yeah. So I think football clearly football is down UK high street and you'll be naive not torecognize that we had a base case that assumed and 80% when we did the placing. Ithink we're pacing closer to 90% right now, which is again better than we would havethought, but ultimately we think that football on the high street which will take a hit onback of covid and we only a very good place with our retail estate having a large numberof stores already last year we're pruning it a little bit further with 119 shops, but it's morebusiness as usual. I think it's an incredible evidence of strength that we don't have to goafter more shops at this point in time.

Given the environment we're operating and in terms of the Caesars database and Caesarsof assets we were taking over 55 sports books in 16 states and we are starting to activate

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Operator

Q - Christine Zhou {BIO 19697356 <GO>}



those have to speak, as I mentioned before, we operate in the Caesars sports brand. Andclearly Caesars have other assets, but there is nothing of that we are fully accessing at thispoint, but we of course have a very close relation with our partner there. And there'salways talks about how we can strengthen our US business for sure.

And terms of new state launches?

We had a few more states that we think will go live towards the back end of this year andthen looking into next year. I think I'll pass on that for now. It depends a little bit on theregulatory roll up. But there will be an 10 second half as well and there is some excitementexciting opportunities in the next here also in terms of addressable market. I think we saidGBP8 billion in the placing, no reason to revise that I know, others are saying how thosenumbers. It's. I don't think anyone really knows, but it's going to be a big number.

Okay, thanks.

We have another question from Christine Zhou from RBC. Please go ahead, your line isnow open.

Hi, good morning. A couple of questions please, firstly on Caesars where do you use theCaesars brand go into iGaming as well. And what's your thinking around there. Andsecondly on the dividend policy. How are you thinking about that going ahead and howmuch do you think this will be impacted by the extent of the growth opportunity in theU.S.? Thanks.

Yeah, so on the iGaming, that's not part of our current agreement. So we run Caesarssports, but not there iGaming assets at this point in time and the dividend. I think I'll passover to Matt.

Yeah, so on the dividend. Obviously, just on the placing so we didn't do that to and it'sright back again. I mean in terms of how we're thinking about it. I mean let the balancesheet is down to 2.1 times gearing from 2.4 at the year-end. We, as we put out when wedid our placing documentation. We expect to bring that down further and certainly at themoment, subject to various sporting events and margins. We are generating cash on aweekly basis. So we see that coming down, but you're absolutely right. When wegenerate that cash, our priority has got to be pursuing growth in the U.S. and when the

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Q - Christine Zhou {BIO 19697356 <GO>}

Operator

Q - Unidentified Participant


Q - Unidentified Participant

Operator

Q - Richard Stuber {BIO 15216122 <GO>}

guys tell us the new state opening up and they want to spend more on marketing. We'vegot the firepower to do it and that's absolutely our priority to make sure they've got themoney they need to drop the tech stack in and also the money they need to market andlaunch the product successfully.

So that's absolutely our priority and in terms of dividend. We recognize this important toinvestors. But I think certainly they've all been pretty clear with us that the most importantthing is now to catch the wave.

Great, thank you.

We have another question from Richard (inaudible) he is a private investor. Please goahead, your line is open.

Yes, hello. Thank you for -- my question relates to America with the relationship with CBS.You mentioned that they've got a very big database on the fantasy sports, are youplanning to roll out any kind of product offering in relation to the fantasy tournamentssomething similar along the lines of DraftKings and FanDuel in the future? That's onequestion. Second question in terms of the apps that you have active, how easy is it just toactivate across new states as soon as they become -- do they need time to tweaking or isit the case of just as soon as the regulatory approval is there you can switch the app onand you can access that market?

Thank you. We have no intention to venture into the fantasy and social gaming space. Weare in real money sports betting, and we intend to stick with that. In terms of the activationof the app, you're right, every state has a slightly different regulatory environment andthere are always some adjustment that needs to be done on the app. We built thetechnology that we refer to as states in the books that enables us to quickly launch newstates as they come live regardless of how the regulation look and that is what we'releaning on for further state rollout as we go forward.

Okay, thank you.

We have another question for Richard Stuber from Numis. Please go ahead, your line isnow open.

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A - Unidentified Speaker

Operator

Q - Bridie Barrett {BIO 21024714 <GO>}


Hi, good morning everyone. Two questions from me. First of all, on the internationalgrowth in the first half is anymore color or anymore split, you can give in terms of whichmarkets in particular outperformed? And second question, just some housekeeping,could you say what the marketing as a percentage of revenue was go online in the firsthalf and what you expect it will be for the full year? Thank you.

I'll take the international market and give you some comments on the marketing piece, sofor international, it's been a breakthrough half for our international business reallygrowing all the way through COVID, little bit of a dip in the middle of it back of zerosports available in both have before and after, really, really strong and really is comingfrom all markets. I mean we always doubled our size in Denmark, you would have seenthe publications around market share in Sweden and how quickly we are growing inSweden. We've done well in Italy and we do well in plenty other countries. So it's been atremendous performance across the board to be honest.

Yeah. And then in terms of marketing as a percentage of revenue for the entire onlinebusiness is 23%.

Operator, next question please.

You have a question from Birdie Barrett from Stifel. Please go ahead, your line is nowopen.

Thank you. Actually you've covered off most of my questions, but I wondered whether youand would just give us an update on your thoughts surrounding regulation and regulationchange in the UK. Following the and the launch of you recently. Thank you.

Yes. We, of course, we have seen the launch document. And we think it's a very sensibledocument it recognizes the huge contribution to the UK economy that our industry ismaking and of course in these very difficult times. That's important. We also recognize theimportance of the review to be fact based and evidence based which we welcome andwe've said it before and we stick to that we truly welcome and review of the GamblingAct, a fact based and evidence based review of the Gambling Act. And we can't wait forthat to get started, to be honest. That is the way for us to get the clarity on ourenvironment in the UK going forward and we're quite hopeful, given how balanced thelaunch report were when it came out. We think that's going to be important input toreview.

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Q - Bridie Barrett {BIO 21024714 <GO>}

Operator

Q - Joe Thomas {BIO 16744156 <GO>}



Thank you.

We have a question from Joe Thomas from HSBC. Please go ahead, your line is nowopen.

Good morning Ulrik and Matt, just on following up on this merger of integration of retailand online. Are there any numbers you get of course on the scale of the cost savings andrevenue opportunities and how long they will take to come out. Secondly, on the furloughmoney that's going to be repaid, can you just clarify how that's going to be accounted forin the second half, we simply not an exception, but this is a double underlying runningcosts. And then thirdly just on the European technology situation, can you just clarify orwhat still needs to be done there. How have you all with all the legacy issues of Trafalgarare now dealt with? Thanks.

Okay. I'll just take that technology question and I'll leave the retail -- online of furlough toMatt. Like I said we're performing very well and we have switched out all of that, oldTrafalgar front and to our new proprietary front ends. I talked about projects, Quiksilverand Spitfire and Monedero which all has replaced our old gaming from end Sportsbookfront end and then I'll bet clips in Spain and Italy and also in the UK. So from a front endprospective we are very happy with that of course the speed performance of a site hasimproved dramatically after those changes. But again, there's always more work to do andwe have other things to untangle but we are increasingly moving to very modular andmodular technology stack where we using global components and we have built a lot ofgood components in the U.S. that we are bringing back to Europe and migrate over toand vice versa. So the technology ecosystem is very strong out William Hill and we haveall the components, we need. There is a little bit of a few pieces and it still needs to beshuffled around and moved around, but we have a very clear path to get there on the UKRetail online numbers, we're not going to give you any guidance on that. What we'll do,we'll come back to you on how we see that evolve, on the furlough Matt will answer.

Yeah, sure. So on furlough Joe is GBP24.5 million. They expand will be booked this monthand we will, the cash will go out shortly, we're just in discussions with HMRC how best todo that and it's not an exceptional item. It will go in the left hand column and as you'veseen with the exception of this the two things, it's probably just worth drawing out in thecall to avoid any confusion we've recognized GBP201.6 million of VAT after-tax. So itappears in three lines in the P&L. You've got a bit in the corporation tax, a bit in theinterest received and a bit in the cost of sales, but net-net that comes down to GBP201.6million. And so that was recognized in the first half will get the cash in the second half.And on the furlough will recognize the cash expense and the P&L expense in H2.

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Operator


A - Louise Turner-Smith {BIO 21207451 <GO>}

Thanks for that. Could I just clarify on -- that's helpful. Just to come back on this retailonline merger. I'm just trying to grasp exactly what is going to look like. Is it going to be, isif you think the omnichannel solution we had in the past, didn't really work properly. Sowe should expect more of that or I mean is there any color on sort of detail you can giveus as to what to expect from William Hill over the coming months?

Well, I think the simple answer is we think our shops can do much more than they dotoday, when it comes to assisting, helping and driving our online business and we look atthe customers, one UK customer and in order for that to work in reality and work properlyand efficiently the organizational structure need to be aligned to that and that's whatwe're doing now to unlock that potential.

Thanks a lot.

(Operator Instructions) It appears we have no questions at the moment.

Okay. Just closing remarks from me. Thank you very much for joining us. I've been in therole as CEO for nearly a year now. And as I reflect on that to you. I'm really pleased withthe progress we are making and the momentum we are building. We set out a very simpleand straight forward strategy of customer team and execution. We feel increasingly weare winning with our customers, delivering great products, our teams have beenincredible and really collaborative and gelled in this difficult times, and we are buildinggood momentum when it comes to execution. An incredible year, we are very much alsoa lot of work ahead of us, which we're very excited about telling you next time we speak.Thank you.

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may nowdisconnect your lines.

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